On Monday the S&P/ASX 200 Index (ASX: XJO) was out of form and started the week with a disappointing decline. The benchmark index fell 0.35% to 6,799.5 points.
Will the market be able to bounce back from this on Tuesday? Here are five things to watch:
Image source: Getty Images
ASX 200 futures pointing higher
The Australian share market looks set to rebound on Tuesday. According to the latest SPI future, the ASX 200 is poised to open 41 points or 0.6% higher this morning. This is despite it being a mixed night of trade on Wall Street. Late on, the Dow Jones is up 0.35% but the S&P 500 is down slightly and the Nasdaq index has fallen 0.65%. The forced liquidation of positions held by the multibillion-dollar family office Archegos Capital Management has been weighing on US shares.
Oil prices rise
Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) will be on watch after oil prices pushed higher despite the Suez Canal opening for business again. According to Bloomberg, the WTI crude oil price is up 0.85% to US$61.50 a barrel and the Brent crude oil price has risen 0.6% to US$64.96 a barrel.
Tech shares under pressure
Tech favourites such as Afterpay Ltd (ASX: APT) and Zip Co Ltd (ASX: Z1P) could have another tough day on Tuesday after US tech stocks sank lower overnight. This appears to have been driven by a small rise in bond yields on Monday. At the time of writing, the tech-focused Nasdaq index is down 0.65%.
Gold price sinks
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a difficult day after the gold price tumbled lower. According to CNBC, the spot gold price is down 1.35% to US$1,711.20 an ounce. Traders were selling the precious metal after the US dollar strengthened and bond yields rose.
Shares going ex-dividend
A number of shares are going ex-dividend this morning and could trade lower. This includes Atlas Arteria Group (ASX: ALX), Centuria Industrial REIT (ASX: CIP), and Cromwell Property Group (ASX: CMW). Elsewhere, eligible Commonwealth Bank of Australia (ASX: CBA) shareholders can look forward to being paid the banking giant's 150 cents per share dividend this morning.
